Earn Extra Money by Renting Out Your Parking Space

If you live in a large city, renting out your parking space could earn you up to $250 every month.

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Chris Harrigan has an economy degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise...

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Reviewed byChris Harrigan
Former Insurance Claims Managerhttps://res.cloudinary.com/quotellc/image/upload/insurance-site-images/cicompaniescom-live/1f43458a-chris-harrigan23.jpg

UPDATED: Jun 30, 2020

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Whether you’re saving for that dream vacation or simply want some extra cash for the weekend, it’s always nice to have a bit more money coming in.

If you own a parking space, then you have a way to earn that elusive extra income that doesn’t require very much time or effort on your part. Another easy way to get extra money is by selling an old car.

This may sound too good to be true, but many people are already benefiting from renting out their parking space, driveway, or garage on online parking marketplaces.

The earnings from renting out a parking space could provide an extra $1200/year.

If you live in a busy city like Boston, earnings could even reach up to $250 a month. That could really help out with paying for those little luxuries in life.

Parking space is in high demand in many areas. Commuters, tourists, and shoppers all want to be able to park in a convenient space close to their destination. But they do not want to have to pay astronomical parking garage fees.

Not only can you secure yourself easy side money and be able to afford more than discount car insurance, but you can bask in the knowledge that you are also helping someone else to save their money.

Aerial view of Seattle downtown skyscrapers

Location Determines Value

If you live close to the location of a big event such as a sports stadium or music festival area, you know how the roads can get incredibly busy at certain times of the year.

Rather than getting stressed by the traffic chaos, you could provide someone with the solution to their parking problem. This could also help to increase your parking space income.

As an example, parking space owners with the right location made over $1800 by renting out their spaces during Wimbledon, a famous tennis championship in London.

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Offer a Good Price

Ensuring that your parking space is priced competitively is essential so that people prefer your space over others in the area. However, you also want to make sure that you don’t lose money by setting your price too low.

A good way to judge this is to see what other people are charging for parking spaces in your local neighborhood. Check out some comparisons on online parking marketplaces.

Pricing will also depend on your location.

A parking space downtown or near airports or train stations is likely to be in high demand and could mean that you can charge more than in a less popular location.

It is important to be aware that in some areas you may have to pay tax on the income you earn from renting out your parking space. In most states, up to $1,200 per year can be earned from your property as a tax-free income.

But if you make much over $1,000 on your property, you will likely be required by law to declare it as income and pay any taxes owed.

Parking Spaces Allowed for Rent

You can rent out any area where you are allowed to park your car. It could be a space outside your home, a driveway, or a locked garage. You do not need planning permission to rent out your space as it is not seen as a change of use.

If you need a key or a code to access your parking space, this could make it more attractive to potential customers who are looking for a secure place to keep their vehicle. You simply have to speak to the person renting your space and give them instructions on how to access it.

Considerations Before Renting Your Parking Spot

There are a few things to think about before starting to rent out your parking space. It’s important to check your home insurance policy will provide cover in the case of an accident on your property or involving the renter’s vehicle.

If you are living in a rental, you will need to check with your landlord first as they might not allow you to rent the parking space, and you don’t want to risk breaking your lease.

Once you have made the decision to rent out your parking space, it is not difficult to get things started. Taking some good photos of the parking space will be helpful when advertising it online.

Being able to visualize the space makes people feel confident that it is a legitimate offer. Having photos can increase the number of bookings that you receive by as much as three times. You will also need to write an accurate description of the parking space that includes all the relevant details. It is important to be truthful so that customers know what to expect.

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Where to Advertise Your Parking Space

Whether you are looking to rent out your own space or if you are looking for a secure place to park throughout the year…There are a number of websites that offer a platform for advertising parking spaces. Most of them are free to use make it easy to list your space for rent.

Depending on where the property you own is located, there are several options for parking locations around the globe. For example, SpotHero offers parking at convenient garages, lots, and valets at locations in the USA. Parkhound is for spaces in Australia and YourParkingSpace is a leading online marketplace for renting out your parking space in the UK.

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